HMRC tax and VAT investigations can be daunting, disruptive and expensive – and all business and personal taxpayers are potentially at risk of an unexpected enquiry at any time.
Fortunately, in the event of an investigation, Nicholsons Chartered Accountants can assist you every step of the way to answer HMRC’s questions and to demonstrate you are paying the correct amount of tax.
This requires the expertise, time, flexibility and expense of your accountant on your behalf and such costs are not included in your regular annual fees. Plus, even if the tax man finds no errors, the accountancy costs in dealing with HMRC can still be substantial.
But Nicholsons Chartered Accountants have got you covered.
Our Tax Fee Protection Service, in collaboration with Tax Vantage, protects you against any unforeseen costs that we may incur when dealing with an HMRC enquiry.
For a modest amount you can enjoy peace of mind that we will deal with the tax authorities on your behalf and you will never be subject to any additional expense.
For more information about how Nicholsons can help you, please contact us.
We are writing to remind you about a Fee Protection Service we offer to all clients. Fee Protection runs on an annual basis from 1 April to 31 March each year and for a small annual fee, set out in the table in the link below, you would be covered against the costs of our fees should you be subject to an enquiry by HM Revenue & Customs (HMRC).
Each year HMRC undertake an enormous number of tax enquiries into individuals and businesses to check they have paid the right amount of tax. Since 2010 HMRC have strengthened their approach to enquiry work by using wider powers and sophisticated software and consequently secured a record £34.1 billion of additional tax revenue in 2018/19, up a staggering £3.8 billion on the previous year.
Moving forwards we expect to see an even greater increase in the number of tax enquiries as HMRC look to recover the enormous £350bn government spend through the Covid-19 pandemic, as well as ensuring that the measures put in place to support the economy through this period have been utilised correctly by taxpayers. HMRC enquiries or compliance checks into measures such as the Job Retention Scheme (Furlough) and Self Employment Schemes are covered by the Policy, (subject to the normal terms and conditions).
Tax enquiries can last for months, even years and defending you against HMRC’s detailed questions requires specific expertise and can be time consuming and costly. Indeed, the cost of dealing with an enquiry can amount to thousands of pounds, even if no extra tax is payable.
Our normal annual fees do not cover the additional professional costs of handling tax enquiries and compliance checks. We therefore strongly recommend that you are protected against such unexpected costs by subscribing to our Tax Fee Protection Insurance service. You can view a sample Summary of Service here http://www.vantagefeeprotect.com/summary-of-service/.
|Entity||Annual Fee (inc VAT)|
|Private Clients (Simple)||27.50|
|Private Clients (Complex)||66.00|
|Sole Traders (NON VAT Registered)||115.00|
|Sole Traders (VAT Registered)||170.00|
|Partnerships / Ltd Co up to £150,000||170.00|
|Partnerships / Ltd Co between £150,001 to £500,000||215.00|
|Partnerships / Ltd Co between £500,001 to £2m||300.00|
|Partnerships / Ltd Co between £2,000,001 to £5m||400.00|
|Partnerships / Ltd Co between £5,000,001 to £10m||600.00|
|Trusts with rental < £50k||27.50|
|Trusts with rental > £50k||115.00|
|Trust with trading income||115.00|
The service runs on an annual basis every year from 1 April to 31 March however you can join the scheme at any point. Cover will be in place from the date payment is made to us.
To join the scheme please e-mail FeeProtection@nicholsonsca.co.uk completing the form below confirming the name of the entity/(entities) you want to protect and the total amount due. Please send payment by BACS to sort code 60-13-15 account number 00871265, quoting Fee Protection as your reference.
If you have any queries regarding the scheme, please do not hesitate to contact your usual contact at Nicholsons or Leanne Chancellor.